COBRA Premium Reimbursement Sample Clauses

COBRA Premium Reimbursement. For a period up to eighteen months, the Bank (or its successor-in-interest) shall pay Executive monthly an amount equal to 150% of the monthly premium paid by the Executive for COBRA coverage elected by Executive under Bank's group health plan.
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COBRA Premium Reimbursement. As further and additional consideration for Employee’s execution of and compliance with this Agreement, Employer shall reimburse the cost of the premium for continuation of group health insurance coverage for Employee, his spouse and dependents, to the extent they were plan participants as of Employee’s Cessation Date, should Employee, his spouse and dependents (collectively referred to as Employee’s Qualified Beneficiaries) elect continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1987, as amended, (COBRA) until November 1, 2005, or until Employee and Employee’s Qualified Beneficiaries are covered under another health insurance plan, whichever is earlier. Employee understands, acknowledges and agrees that in no event shall Employee continue to pay the premium for continued group health insurance coverage for Employee and/or his Qualified Beneficiaries any time after November 1, 2005 and, thereafter. Commencing with coverage for the month of December 2005, Employee and his Qualified Beneficiaries shall be fully and solely financially responsible for the payment of premiums for the continuation of group health insurance coverage for themselves under COBRA. Further, Employee acknowledges and agrees that, if Employee is eligible for such coverage, he has received a COBRA notice advising Employee of Employee’s rights to continuation coverage for group health insurance.
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COBRA Premium Reimbursement. Following the Resignation Date, during the required period of continuation coverage within the meaning of Code §4980B(f)(2)(B)(i)(I), Consultant shall be reimbursed by the Company within five (5) days of each payment by Consultant of the monthly premium payable to continue coverage of Consultant and his dependents under the Company’s group health plan or plans, in an amount equal to the amount of that monthly premium payable by Consultant for such continuation coverage.
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COBRA Premium Reimbursement. As further and additional consideration for your execution of and compliance with this Agreement, TFS will provide continuation of group health insurance coverage for you and your covered dependents, to the extent they were plan participants as of your termination date, should you elect continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1987, as amended, (COBRA) through August 31, 2006, or until you or your dependents are covered under another health insurance plan, whichever is earlier. You understand, acknowledge and agree that in no event shall TFS continue to pay the premium for continued group health insurance coverage for you or your dependents any time after August 31, 2006, and, thereafter. Thus, commencing with coverage for the month of September 1, 2006, you and your dependents will be fully and solely financially responsible for the payment of premiums for the continuation of group health insurance coverage under COBRA. Further, you acknowledge and agree that, if you are eligible for such coverage, you have received a COBRA notice advising you of your rights to continuation coverage for group health insurance. Executive Outplacement Services. TFS will provide nine (9) months of executive outplacement services, commencing September 1, 2005. The provider of these services will be selected by TFS and any changes to the agreed upon services with the provider must be approved in advance by the Vice President of Human Resources.
Sample 1
COBRA Premium Reimbursement. Reimbursement of the monthly premium charge to Employee for continuation of coverage for himself and his eligible dependents in the Willbros group health plan as specified in paragraph 4, below. Such reimbursement will continue until (i) twelve months of continuation coverage have been paid, (ii) Employee obtains employment that provides medical benefits, or (iii) the end date of the Employee’s continuation eligibility pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), whichever occurs first. All payments are subject to applicable payroll withholding. Employee must comply with all COBRA continuation requirements as a condition of receipt of this benefit.
Sample 1

Related to COBRA Premium Reimbursement

  • COBRA Reimbursement If the Executive is eligible for, and elects to receive, continued coverage for the Executive and, if applicable, the Executive’s eligible dependents under the Company’s group health benefits plan(s) in accordance with the provisions of COBRA, the Company shall reimburse the Executive for a period of twelve (12) months following termination of the Executive’s employment (or, if less, for the period that the Executive is eligible for such COBRA continuation coverage) for the excess of (A) the amount that the Executive is required to pay monthly to maintain such continued coverage under COBRA, over (B) the amount that the Executive would have paid monthly to participate in the Company’s group health benefits plan(s) had the Executive continued to be an employee of the Company (the “COBRA Reimbursement” and such amount, the “COBRA Reimbursement Amount”). COBRA Reimbursements shall be made by the Company to the Executive consistent with the Company’s normal expense reimbursement policy; provided that the Executive submits documentation to the Company substantiating his payments for COBRA coverage. However, if the Company determines in its sole discretion that it cannot, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), provide any COBRA Reimbursements that otherwise would be due to the Executive under this Section 8(a)(iii), then the Company will, subject to the provisions of Section 15(i), in lieu of any such COBRA Reimbursements, provide to the Executive a taxable monthly payment in an amount equal to the COBRA Reimbursement Amount, which payments will be made regardless of whether the Executive elects COBRA continuation coverage (the “Alternative Payments”). Any Alternative Payments will cease to be provided when, and under the same terms and conditions, COBRA Reimbursements would have ceased under this Section 8(a)(iii). For the avoidance of doubt, the Alternative Payments may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable taxes and withholdings, if any. Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines in its sole, good faith discretion that it cannot provide the Alternative Payments contemplated by the preceding sentence without violating Section 2716 of the Public Health Service Act, the Executive will not receive such payments.

  • COBRA Premiums If Executive timely elects continued coverage under COBRA, the Company will pay Executive’s COBRA premiums to continue Executive’s coverage (including coverage for Executive’s eligible dependents, if applicable) (“COBRA Premiums”) through the period starting on the termination date and ending twelve (12) months after the termination date (the “COBRA Premium Period”); provided, however, that the Company’s provision of such COBRA Premium benefits will immediately cease if during the COBRA Premium Period Executive becomes eligible for group health insurance coverage through a new employer or Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event Executive becomes covered under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Premium Period, Executive must immediately notify the Company of such event.

  • COBRA Payment A lump-sum payment equal to 12 multiplied by the monthly COBRA premium that the Executive would be required to pay to continue group health coverage for the Executive and the Executive’s eligible covered dependents in effect on the date of termination of employment, based on the premium for the first month of COBRA coverage. Such cash payment will be taxable and will be made regardless of whether the Executive elects COBRA continuation coverage.

  • COBRA Payments If the Executive is participating in the Company’s group health insurance plans on the date of the Qualifying Termination, and timely elects to continue such coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, or, if applicable, comparable state or local insurance laws (“COBRA”), then the Company will pay, directly to the COBRA carrier, as and when due, the COBRA premiums necessary to continue such health insurance coverage for the Executive and his eligible dependents (“COBRA Continuation Payments”) until the earliest of: (i) the first 12 months of COBRA coverage following the Executive’s Separation from Service, (ii) the expiration of eligibility for COBRA coverage, or (iii) the date when Executive or his dependents become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period, the “COBRA Payment Period”). However, if at any time the Company determines, in its sole discretion, that the Company’s payment of the COBRA Continuation Payments would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) or any statute or regulation of similar effect (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act) or otherwise result in a material penalty to the Company, then in lieu of providing the COBRA Continuation Payments for the remainder of the COBRA Payment Period, the Company will instead pay the Executive, on the first day of each month of the remainder of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA Continuation Payments for that month, subject to applicable tax withholdings. In all cases, the Company will make the first payment under this clause on the Initial Payment Date in an amount equal to the aggregate payments that the Company would have paid through such date had such payments commenced on the Separation from Service, with the balance of the payments paid thereafter on the schedule described above. If the Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period, the Executive must immediately notify the Company of such event, and all payments and obligations under this clause will immediately cease.

  • COBRA Continuation Coverage Upon the termination of Executive’s active employment with the Company, Executive shall be entitled to elect continued medical and dental insurance coverage in accordance with the applicable provisions of COBRA and the Company shall pay such COBRA premiums.

  • COBRA Coverage Subject to Section 3(d), the Company will provide COBRA Coverage until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.

  • COBRA Benefits Executive and Executive’s qualified beneficiaries, as applicable, shall be entitled to continuation of group health coverage following the Termination Date under the Employer’s group health plan, to the extent required under the Consolidated Omnibus Budget Reconciliation Act of 1986, with Executive required to pay the same amount as Executive would pay if Executive continued in employment with the Employer during such period as described in Section 4(e) of the Employment Agreement.

  • COBRA “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

  • Premium Tax Reimbursement The Reinsurer will not reimburse the Ceding Company for premium taxes.

  • Compensation; Reimbursement At the closing of each Offering (each, a “Closing”), the Company shall compensate Xxxxxxxxxx as follows:

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